Housing Affordability is a Top Election Issue for Renters, Survey Finds

Housing affordability is a significantly more important voting issue for renters than for homeowners, according to a recent survey. Nearly one-third (31.6%) of U.S. renters rank housing affordability among their top three concerns for the upcoming presidential election, compared to just 17.1% of homeowners. This disparity highlights how the current housing market's challenges, including high prices and elevated mortgage rates, are disproportionately impacting those who do not own property. The broader population ranks the economy, inflation, and healthcare as higher overall priorities.

Why is Housing Affordability a More Pressing Issue for Renters?

The data suggests that the financial experiences of renters and homeowners have diverged. While 52.1% of homeowners feel they are better off financially than four years ago, only 44.2% of renters share that sentiment. This gap is partly attributed to the soaring housing prices during the pandemic, which built substantial equity for existing homeowners but made the path to homeownership more difficult for many renters. For renters, the combination of high rental costs and the daunting barrier to entering the housing market makes affordability a central political issue. Homeowners, many of whom secured record-low mortgage rates before 2022, have been somewhat insulated from the most acute affordability pressures.

What Were the Overall Top Issues for Voters?

While renters prioritize housing affordability, the survey of nearly 1,700 U.S. adults found that the top issues for all respondents were the economy (46%), inflation (40.4%), and health care (26.3%). Housing affordability ranked fourth overall, named as a top-three issue by 25.1% of all respondents. This indicates that while housing is a key concern for a substantial segment of the electorate, it is part of a broader set of economic anxieties voters are weighing.

Did Housing Affordability Priorities Differ by Candidate Support?

The survey revealed a modest correlation between candidate preference and views on housing affordability. Among respondents who plan to vote for Kamala Harris, 25.1% ranked housing affordability as a top-three issue, compared to 20.4% of those planning to vote for Donald Trump. Based on our experience assessment, this difference may reflect demographic and geographic trends, as Democrats are more likely to reside in high-cost coastal metro areas where affordability challenges are most severe.

Key Takeaways for Understanding Voter Concerns

The survey underscores that the housing market's state has a direct and uneven impact on voter priorities. Renters, who face the dual challenge of high rents and high barriers to entry for homeownership, are bringing this concern to the ballot box more forcefully than homeowners. For policymakers and candidates, these findings highlight that addressing housing affordability is crucial for engaging a key segment of the electorate. The financial divide between homeowners and renters appears to be shaping their political concerns and their perceived financial well-being.

Survey Methodology: The findings are from a Redfin-commissioned survey conducted by Ipsos in September 2024, involving 894 U.S. renters and 805 U.S. homeowners aged 18-65.